Taxes & Incentives

TAXES (July 2018)

The property tax rate in Davidson County is among the lowest in North Carolina. Property taxes fund education, public safety, parks and recreation and social services. Taxable Fire Districts throughout the county generate revenue to serve fire rescue services. The Davidson County Property tax rate is $0.54/$100 valuation for 2018/2019.

PROPERTY TAX / $100 VALUATION (2018/2019)

Location

Property Tax Rate

Davidson County

$0.54

City of Lexington

$0.65

City of Thomasville

$0.60

Town of Denton

$0.60

Town of Wallburg

$0.05

Town of Midway

$0.05

Taxable Fire Districts

Local fire tax may also apply to locations outside of municipal jurisdiction. These tax rates range from $0.04 to $0.11 per $100 of value.

Pollution Control and Abatement Equipment and Chemicals purchased for abatement purposes

INVENTORY TAX

There is no inventory tax in North Carolina

NC CORPORATE INCOME TAX

3.0% (Tax Year 2017) – lowest Corporate Income Tax rate in U.S.

2.75% (Tax Year 2018) plus fully-phased in Single Sales-Factor Apportionment

2.50% (Tax Year 2019)

NC PERSONAL INCOME TAX

5.499% (Tax Year 2017)

5.499% (Tax Year 2018)

5.250% (Tax Year 2019)

INCENTIVES (July 2018)

Local Economic Development Grant Programs

Davidson County and its municipalities offer grant programs that provide an incentive to new and expanding manufacturing and related companies for new capital investment and new jobs. The grants are typically based on a multiplier of the capital investment put in place for building and/or equipment and paid over a number of years.

State of North Carolina Incentives Program

The State of NC offers a variety of programs to new and expanding companies customized to the needs of the individual company. Incentive Programs include:

One NC Fund Grant

Job Development Investment Grant

Building Reuse Grant Programs

Public Infrastructure Grant Programs

NC Commerce and Transportation Joint Economic Development Grant Program

Quick Links

DCEDC Mission

To build a collaborative model among public and private partners to grow existing industries in Davidson County and recruit new businesses to Davidson County. Our ability to execute will facilitate broad, sustained economic growth through better careers and enhanced services for the residents of Davidson County.